Pagano Widow Seeks Bankruptcy
CHICAGO (WBBM) - The widow of the top Metra executive who killed himself earlier this year is seeking bankruptcy protection.
Barbara Pagano, 54, claims in the bankruptcy filing that she’s more than a million dollars in debt, that her late husband, Metra chief Phil Pagano, left her without any cash or savings despite his $270,000 a year salary.
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The Chicago Tribune reports Pagano is fighting to keep the proceeds from her husband’s $500,000 life insurance policy.
According to the documents, the Paganos bought their Crystal Lake home in 1989 for $177,000 but, through repeated refinancing, Barbara Pagano now owes $765,000 and the home is only valued now at less than $350,000.
Phil Pagano stepped in front of a Metra train in May, soon before Metra was about to fire him over alleged financial wrongdoing.